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March 2018 Cornelius Rent Report

Welcome to the March 2018 Cornelius Rent Report. Cornelius rents declined over the past month. In this report, we'll evaluate trends in the Cornelius rental market, including comparisons to cities throughout the state and nation.

March 2018 Cornelius Rent Report

Welcome to the March 2018 Cornelius Rent Report. Cornelius rents declined over the past month. In this report, we'll evaluate trends in the Cornelius rental market, including comparisons to cities throughout the state and nation.

Cornelius rents declined marginally over the past month

Cornelius rents have declined 0.1% over the past month, and have decreased slightly by 0.5% in comparison to the same time last year. Currently, median rents in Cornelius stand at $840 for a one-bedroom apartment and $980 for a two-bedroom. This is the sixth straight month that the city has seen rent decreases after an increase in August of last year. Cornelius' year-over-year rent growth lags the state and national averages, which both stand at 2.3%.

Rents rising across cities in North Carolina

While rent decreases have been occurring in the city of Cornelius over the past year, cities in the rest of the state are seeing the opposite trend. Rents have risen in all of the largest 10 cities in North Carolina for which we have data. The state as a whole logged rent growth of 2.3% over the past year. Here's a look at how rents compare across some of the largest cities in the state.

Looking throughout the state, Cary is the most expensive of all North Carolina's major cities, with a median two-bedroom rent of $1,210; of the 10 largest North Carolina cities that we have data for, all have seen rents rise year-over-year, with Winston-Salem experiencing the fastest growth (+5.1%).

Fayetteville, Wilmington, and Greensboro have all experienced year-over-year growth above the state average (3.8%, 3.7%, and 2.9%, respectively).

Cornelius rents more affordable than many large cities nationwide

As rents have fallen moderately in Cornelius, many large cities nationwide have seen prices increase, in some cases substantially. Cornelius is also more affordable than most large cities across the country.

Cornelius' median two-bedroom rent of $980 is below the national average of $1,160. Nationwide, rents have grown by 2.3% over the past year compared to the 0.5% decline in Cornelius.

While rents in Cornelius fell moderately over the past year, many cities nationwide saw increases, including Phoenix (+3.3%), Atlanta (+2.3%), and Seattle (+2.1%).

Renters will find more reasonable prices in Cornelius than most large cities. For example, San Francisco has a median 2BR rent of $3,040, which is more than three times the price in Cornelius.

For more information check out our
national report.
You can also access our full data for cities and counties across the U.S. at
this link.

City

Median 1BR price

Median 2BR price

M/M price change

Y/Y price change

Charlotte

$940

$1,100

0.5%

2.4%

Concord

$790

$920

-2.5%

Gastonia

$670

$790

0.2%

0.7%

Rock Hill

$820

$960

0.8%

3.8%

Huntersville

$1,060

$1,230

-2.4%

0.9%

Matthews

$990

$1,150

0.1%

5.4%

Cornelius

$840

$980

-0.1%

-0.5%

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.